Have I selected the right mix of funds for long term investments

As you are young and looking for long term investments, you should stick to equity or balanced funds only. MIPs may not be the right category of funds for you.

Yes, even though your fund selection is okay, the total number of 10 funds is quite high considering the total monthly investment amount is Rs 11,000 only. Here goes our suggestions –

1. Why you are investing in HDFC Long Term Advantage Fund ? To save taxes? If the answer is yes, then invest in a better performing fund. You may consider DSP BlackRock Tax Saver Fund for this purpose

2. As discussed above, there is no point investing in HDFC Monthly Income plan

3. From rest of your selection, you may consider investing in SBI Bluechip Fund and DSP BlackRock Opportunities Fund

4. From midcap category, you may consider investing in SBI Magnum Midcap Fund and Mirae Asset Emerging Bluechip Fund (not in your list).

This will bring the number of funds to 5 from 10. If you stick to this selection and review your mutual fund portfolio performance once annually, you should be able to make good returns in the long run.

Hope the above is helpful. Thanks for writing to Advisorkhoj.